News Summary: Aer Lingus says reject Ryanair bid

SHOT DOWN: Irish airline Aer Lingus urged shareholders to reject the latest takeover bid from rival Ryanair, arguing that the price was absurdly low and European and British authorities would block any merger.

FLYING TOO LOW: Last month Ryanair chief executive Michael O'Leary announced a new offer that values Aer Lingus at (EURO)694.3 million ($848.4 million). Aer Lingus directors say the valuation is less than Aer Lingus' cash reserves of more than (EURO)1 billion.

GROUNDED? Aer Lingus directors say the European Commission would likely block any proposed merger because it would create a monopoly in Irish air links with Britain.